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SNB Threw $118 Billion at FX Campaign as U.S. Alarm Bells Rang

  • SNB’s interest rate decision is scheduled for March 25
  • Jordan is likely to keep rates ultra low, pledge interventions

The Swiss National Bank spent 110 billion francs ($118 billion) on interventions in 2020, evidence of heightened market activism that risks fueling more tension with the U.S.

The tally is the highest since 2012 and indicates officials purchased currency worth 9 billion francs in the fourth quarter, when the U.S. Treasury branded Switzerland a currency manipulator. Such eye-watering sums won’t escape the attention of President Joe Biden’s new administration in Washington, which doesn’t appear to be breaking with the stance of its predecessor.